[Updated] Budget: Osinbajo proposes N135.6bn virement

[Updated] Budget: Osinbajo proposes N135.6bn virement

[Updated] Budget: Osinbajo proposes N135.6bn virement

Yemi Osinbajo, thursday requested the approval of the National Assembly for virement of funds totalling about N135.64 billion to finance federal government's priority projects and programmes as contained in the 2017 Appropriation Act.

The money is meant to cover projects across many MDAs, particularly the Ministry of Power/Works/Housing.

Speaker Yakubu Dogara who read the acting President's correspondence during plenary session yesterday explained that the requisition was based on the discussion held between the executive arm and the leadership of the National Assembly shortly before the signing into law of the 2017 budget on June 12 this year.

Sources of the virements, according to Osinbajo included: N33.247 billion from Ministry of Transportation; N3,181,973,545 from Federal Ministry of Power, Works and Housing; N14,130,719,780 from Office of the Secretary to the Government of Federation; N5 billion from Office of the National Security Adviser; N5,009,244,926 from Federal Ministry of Science and Technology and N5,494,065,749 from Federal Ministry of Trade and Investment.

Similarly, N3.15bn is to be sourced from Ministry of Defence, N770m from Ministry of Education, N1.7bn from Federal Capital Territory Administration and N1.3bn from Ministry of Trade and Investment.

Also, under the virement proposal to the Ministry of Interior, a breakdown showed N80.50 million will be sourced from the Ministry of Trade and Investment.

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Federal Ministry of Agriculture's N1 billion, Ministry of Defence's N3.1 billion and Ministry of Education's NN770 million are to be vired within projects in the Ministries.

For the Federal Ministry of Health headquarters, the sum of N1,000,000,000 is to be vired, while the sum of N735,035,000 is to be vired from within projects in the Office of the Secretary to the Government of the Federation, the sum of N1,093,579,983 is to be vired from the Federal Ministry of Labour and Employment, the sum of N729,000,000 to be vired from the Federal Ministry of Information and Culture, the sum of N734,000,000 to be vired from the Federal Ministry of Communication Technology.

It also indicated that N1 billion would be derived from Ministry of Mines and Steel Development and N241 million from Ministry of Environment.

The Acting President, however, urged the lawmakers "to urgently consider the virement proposal in order to support our collective efforts to improve the well-being of our citizens".

The Speaker of the House referred the letter to the Committee on Appropriation to process the request for necessary action.

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